Houston’s new home sales hit the highest level since May 2022 in March, according to the New Home Sales Report from HomesUSA Chief Executive Officer Ben Caballero.
The three-month moving average of new home sales in Houston was 1,702 in March, up front 1,618 new homes sold in February. HomesUSA uses three-month moving averages in their data to track seasonal changes in the market.
“Houston new home sales are tenacious,” Caballero said. “Despite the gyrations in mortgage rates, the market is finding balance.”
That balancing of supply and demand in Houston means that the average days on the market has increased, while new home prices have remained relatively flat. The new home sale price was $403,897 in March, compared to $405,019. Caballero says that in response, builders are offering buyer incentives and agent bonuses to avoid huge price cuts.
Additionally, the report found that pending new home sales in Houston rose to the highest level in 10 months. Over 2,000 new homes went under contact in March, compared to 1,841 in February.